Mental Health Awareness Week – The Link Between Mental Health And Money Worries

11th May 2023
Emma Norledge

It’s Mental Health Awareness Week 15th – 21st May, and we wanted to help highlight the impact of money worries on people through the cost of living crisis.

The UK population is experiencing widespread levels of stress, anxiety and hopelessness in response to financial concerns, according to a new survey commissioned by the Mental Health Foundation. The survey of 3000 adults aged 18 and over, conducted by Opinium between 7 to 14 November 2022, found that 29% of adults experienced stress, 34% experienced anxiety and 10% said they felt hopeless because of financial worries during the previous month.

The link between mental health and financial stress is becoming increasingly stark so if you think you need help the Mind have some practical tips on managing your money and improving your mental health here.

Mind suggest you get to know your money and mood patterns

You might find it helpful to take some time to think about how you feel about money and why. For example, if you’ve struggled with money in the past or didn’t have much money growing up, this might affect the way you feel about money now. You could try answering these questions:

  • Are there certain times when you’re more likely to spend money?
  • Are there certain times when you’re more likely to save money?
  • How does it feel when you spend money?
  • Do you feel differently when you’re spending and saving?
  • What are the emotions and feelings you think of, when you think about money?
  • Which aspects of dealing with money make your mental health worse? For example, it could be things like attending appointments, opening envelopes, confrontation, or being misunderstood.

It might help to keep a diary of your spending and your mood, to record what you spend and why. You could record how you were feeling before and afterwards too.

Once you’ve done this, you might start to feel like you understand your habits and patterns around money a bit more. Knowing these could help you plan ahead for difficult times.

If you feel you need help with the impact of money worries on your mental health, then contact Mind and they can help support you through these difficult times.

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